Iraq’s acting finance minister, Abdul Razzaq al-Essa, announced on Sunday that the British government has agreed to give 10 billion pounds ($12 billion) in loans to the Iraqi government to finance infrastructure projects in the country over a 10 year period. “The interest rate on the loans should be determined by the British companies”, the minister said. “This loan is exclusively allocated to British companies” British ambassador to Iraq, Frank Baker, told reporters Britain will continue to help Iraq: “For the government of the United Kingdom this is further evidence of the bilateral support that we are giving and will continue to ensure that Iraq is able to grow and become a powerful country and nation once again”, he said. The Iraqi finance ministry said earlier in a statement that Iraq and Britain had agreed to sign a memorandum of understanding which will serve as a framework to provide funds to specific projects during the period.
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